# In the matter of Allbest Offshore Marine (India) Pvt. Ltd. I.A. 3182-2021 in Company Petition No. (IB)-438(ND)-2020

> NCLT judgment dated 2021-11-11. Citation: TCN-2021-NCLT-00531. The case involves an application filed by the Resolution Professional under Section 33(1)(a) of…

- **Court:** NCLT
- **Order date:** 11 Nov 2021
- **Citation:** TCN-2021-NCLT-00531
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/allbest-offshore-marine-india-pvt-ltd-ia-3182-2021-in-company-petition-no-ib-438-44c77b29

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, Allbest Offshore Marine (India) Pvt. Ltd. The operational creditor, Arun K. Agarwal & Associates, had previously filed an application under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. This application was admitted on 2021-01-12, initiating CIRP and appointing Ms. Preeti Jaiswal as the Interim Resolution Professional (IRP). The IRP then made a public announcement and constituted a Committee of Creditors (CoC).

## Facts

Arun K. Agarwal & Associates, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Allbest Offshore Marine (India) Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2021-01-12, and Ms. Preeti Jaiswal was appointed as the Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC). The CoC determined that the corporate debtor was not a going concern and had limited assets. Sembmarine Kakinada Limited, against whom CIRP was also initiated, was involved. The CoC decided against publishing Form-G and resolved to liquidate the corporate debtor. Mr. Man Mohan Vij was appointed as Resolution Professional on 2021-03-24. The applicant filed a written

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Allbest Offshore Marine (India) …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The court reasoned that since there was no resolution plan and the CoC, with a 100%

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**Interpretation:** Section 33(1) is interpreted to mean that if a resolution plan fails or the CoC

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**Application:** In this case, the CoC determined that there was no possibility of a resolution

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## Parties

- **Judges:** SH. P.S.N.…; SUMITAPURKA…
- **Appellants:** Arun K. Agarwal &…
- **Respondents:** Allbest Offshore…

## Timeline

- **2021-01-12 — CIRP Init…**: Application under Section 9 of the Code admitted, initiating CIRP against the corporate…
- **2021-02-12 — First CoC M…**: The first meeting of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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